Michael McGrath (Cork South Central, Fianna Fail)
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125. To ask the Minister for Finance the number of registered moneylenders here currently; the number of new entrants to the market in the past three years; his views on the extent of legislative protection for consumers availing of the services of moneylenders; and if he will make a statement on the matter. [49293/14]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Central Bank of Ireland that as of 1 December 2014, there were 39 licensed moneylenders in Ireland and that the number of licensed moneylenders has decreased since the Central Bank took over responsibility for licensing moneylenders in 2003. Some licensed moneylenders have ceased trading, either voluntarily or involuntarily, whilst other new entrants have been licensed.  In the time frame to which the question refers, four new entrants have been licensed since 1 December 2011, with one of these firms no longer holding a licence.

The Central Bank supervises licensed moneylenders through annual reviews of their activities as part of the annual licensing process; inspections (both firm-specific and across the sector); applying a fitness and probity regime; applying the Consumer Protection Code for Licensed Moneylenders and the European Communities (Consumer Credit Agreements) Regulations, 2010; conducting consumer research; advertising monitoring and monitoring trends including complaints made to the Financial Services Ombudsman.

Moneylenders are subject to legislative and regulatory requirements, for example, relating to the specific information that a moneylender must provide to a consumer, prior to entering into a loan and also during the term of a loan (including that a moneylender must have a warning on the loan agreement highlighting that it is a high cost loan), the requirement to conduct creditworthiness assessments. Furthermore, there are requirements relating to handling complaints, dealing with errors, collections and advertising.

Where moneylenders fail to comply with the protections provided to consumers under the requirements, the Central Bank will act, including by way of enforcement action where appropriate.